In recent trading moves, Jerry L. Peters, a director at Summit Midstream Partners, LP (NYSE:SMLP), sold a significant number of company common units. On May 14, Peters parted with 10,000 common units at a weighted average price of $34.03 per share, totaling $340,300.
Peters' transaction involved multiple sales at prices ranging from $34.00 to $34.0333, indicating a slight variation in the selling price during the course of trading. Following the sale, Peters retains 30,239 common units of Summit Midstream Partners, LP, held indirectly through a Joint Spousal Trust. The trust arrangement reflects Peters' role as a trustee, with both he and his spouse being the sole beneficiaries.
Summit Midstream Partners, LP, which is involved in the natural gas transmission industry, is managed by the directors and executive officers of Summit Midstream GP, LLC, the general partner of the issuer. Peters' position as a director of the general partner provides him with insights into the company's management and operations.
The recent sale by Peters represents a noteworthy change in his holdings in the company, providing investors with a glimpse into the trading activities of Summit Midstream's insiders.
InvestingPro Insights
Amidst the recent insider trading activity at Summit Midstream Partners, LP (NYSE:SMLP), the company's financial performance and stock trends provide additional context for investors. According to InvestingPro data, Summit Midstream Partners boasts a market capitalization of $359.07 million and has demonstrated a notable P/E ratio, standing at 4.38 as of the last twelve months ending Q1 2024. This low P/E ratio could suggest that the company is undervalued compared to its earnings.
Investors might also find the company's profitability metrics interesting. Summit Midstream has been profitable over the last twelve months, with a substantial return on assets of 4.44%. This profitability, coupled with a strong revenue growth of 20.5% over the same period, paints a picture of a company with solid financial health.
Moreover, the stock has experienced significant price movements, with a one-year price total return of 140.51%, reflecting a high return over the last year. This aligns with one of the InvestingPro Tips indicating that the stock price movements are quite volatile. The company's shares are currently trading near their 52-week high, at 94.16% of the peak price, which could signal investor confidence in the company's prospects.
For those interested in a deeper dive into Summit Midstream Partners' performance and additional strategic insights, InvestingPro offers a range of tips, with six more available on their platform. By using the coupon code PRONEWS24, investors can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing access to valuable information that could inform investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.